In a world where family dynamics are increasingly complex, the importance of a valid Will cannot be understated. Without one, the statutory rules of intestacy come into play, and they simply do not take into account the less-than-straightforward family structures that are so common nowadays.
For example, contrary to popular belief, there is no such thing as a common law spouse in UK law. If you are in a relationship, but are unmarried, you cannot benefit from your partner’s estate if they die without a Will. The longevity of the relationship makes no difference. If you co-own property as joint tenants, then the property would automatically pass to you. But anything in your partner’s sole name would pass under the rules of intestacy, and unmarried partners are not recognised under those rules.
Although adopted children are now included under the statutory rules, stepchildren are not. Whilst this may be the intended outcome for some people, it will not be desirable in all cases.
Even for married couples, the rules of intestacy will not always provide a satisfactory outcome if one spouse passes away. If the deceased had children, they would take a share of the estate. It would not pass wholly to the surviving spouse. Again, this will not necessarily accord with what the deceased would have wanted and could have adverse tax consequences, as well as create practical issues with regard to the distribution of assets in the estate.
The only way to ensure that your wishes are fully carried out after you have passed away, is to make sure you have a valid and up-to-date Will in place. It really is the most important document you will ever write, and as the saying goes, if a thing is worth doing, it is worth doing well!
If you wish to discuss this further, please do not hesitate to contact Katie Hancock by email: kch@cooperburnett.com or tel: 01892 515022
This blog is not intended as legal advice that can be relied upon and CooperBurnett LLP does not accept any responsibility for the accuracy of its contents.
This blog was originally published in the Tunbridge Wells Business Magazine: https://twbusinessmagazine.com
By Katie Hancock, Senior Associate, Private Client
